If you have an account in bank then today is a very important day for you. Banks have brought in a number of changes from first day of the New Year. You may not know about the changes, but they can trouble you in the coming days. Some of the measures may also give you relief.
Here’s what is changing from January 1. Here we are giving a list of the 5 important changes that will have the greatest effect on your life.1. Debit, Credit Card:If you have a make a magnetic strip debit/ credit card, then it will not work. Get it changed immediately. From Jan 1 only EMV Chip-based credit/debit cards will work.2. Cheque Book changesYour old chequebook will not be valid in New Year. Change it immediately, otherwise your cheques may bounce. Now cheques with CTS (cheque truncation system) will be used.
Now there will be no need to run from one bank to other to get new CTS cheques cleared. An electronic image, including all necessary information, will be sent to the concerned party. These cheques are more secure as they have Void pantograph, which cannot be copied.3. NPS Tax exemption: Here is some relief for you. You will no longer be required to pay tax under NPS, National Pension Scheme. From January 1, 2019, NPS has been brought under EEE category. This means when you withdraw money on maturity, you will not have to pay tax.4. Car price increase:This is bad news for you. From January 1 prices of most cars have been increased by companies.5. Personal Accidental Insurance of Car, Bike and ScooterComparison Personal Accident (CPA) cover for car / commercial vehicle driver or two-wheeler rider from New Year will be increased to Rs 1.5 lakh from Rs 1 lakh. This as per new IRDA rules.
